Arista Networks price target raised to $305 from $265 at BofA

BofA raised the firm’s price target on Arista Networks (ANET) to $305 from $265 and keeps a Buy rating on the shares. While the firm initially expected tough comps and a challenging environment to put some pressure on near-term growth, the 2024 outlook seems “more robust” after recent capex commentary from Microsoft (MSFT), Meta (META), Google (GOOGL) and Amazon (AMZN), the analyst tells investors. The firm, which notes that Street expectations already consider major growth deceleration due to tough comps, has slightly increased its own growth expectations for Q4 and 2024 to be more in line with Street expectations.